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Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude futures also declined on concerns about growing oil output and high crude inventories in the US. ICE Brent ended 6.2% lower at $52.54/b, while NYMEX WTI decreased 7.1% to $49.67/b. The BrentWTI spread widened to $2.86/b, supporting US crude oil exports. Hedge funds liquidated their large net long positions in crude, contributing to the sharp drop in oil prices.
World Economy
The momentum in global economic growth has been improving resulting in an upward revision in the 2017 forecast to now stand at 3.3% from 3.2% previously, while growth for 2016 remains at 3.0%. OECD growth in 2017 remains at 1.9%, with the US and Euro-zone seeing no revisions. Japan’s 2017 growth forecast was revised up to 1.2% from 1.1% previously. China’s 2017 growth was also revised higher to 6.3% from 6.2%, while India’s forecast remains at 7.0%. Russia’s 2017 growth was revised up to 1.2% from 1.0%, while the forecast for Brazil is unchanged at 0.5%.
World Oil Demand
World oil demand growth in 2016 was kept broadly unchanged at 1.38 mb/d, averaging 95.05 mb/d. For 2017, oil demand growth is anticipated to be around 1.27 mb/d, following an upward revision of 10 mb/d to average 96.32 mb/d. The ‘Other Asia’ group – which includes India – is anticipated to lead oil demand growth in 2017, followed by China and OECD Americas. OECD Asia-Pacific is the only region anticipated to see a decline in oil demand in 2017.
World Oil Supply
Non-OPEC oil supply is estimated to have averaged 57.32 mb/d in 2016, representing a contraction of 0.69 mb/d y-o-y following a minor downward revision of 30 tb/d. In 2017, non-OPEC oil supply is projected to grow by 0.58 mb/d, following an upward revision of 176 tb/d due to higher than expected growth in the US and lesser contractions in Colombia and China, to average 57.89 mb/d. The US supply growth forecast was revised up by 0.20 mb/d to stand at 0.54 mb/d. OPEC NGLs and non-conventional oil production is forecast to grow by 0.13 mb/d in 2017, following growth of 0.14 mb/d in 2016. In March, OPEC production decreased by 153 tb/d, according to secondary sources, to average 31.93 mb/d. Product Markets and
Refining Operations
Product markets exhibited a mixed performance in the Atlantic Basin, as the lack of export opportunities for gasoline amid increasing inflows of middle distillates impacted the European market. Meanwhile, stronger domestic gasoline demand in the US ahead of the transition to summer grades lent strong support to refinery margins. In Asia, the lack of arbitrage amid increasing inflows into the region weighed on the market despite the onset of the spring refinery maintenance season.
Tanker Market
The tanker market showed a mixed pattern in March. VLCCs exhibiting an average decline of 23% m-o-m in spot rates on its various trading routes, as the tonnage availability remained abundant. In contrast, Suezmax and Aframax rates increased m-o-m by 13%, and 6%, respectively, mainly due to transit delays in the Turkish Straits, discharge delays in the east, and occasional tightening in tonnage supply. The market experienced higher monthly freight rates for clean tankers on most reported routes.
Stock Movements
Total OECD commercial oil stocks fell in February to 2,987 mb to now stand 268 mb above the latest five years average. Crude and product stocks indicated a surplus of around 227 mb and 41 mb, respectively. In terms of days of forward cover, OECD commercial stocks stood at 64.2 days, some 4.6 days higher than the latest five-year average Balance of Supply and Demand
Demand for OPEC crude in 2016 now stands at 31.7 mb/d, which is 1.9 mb/d higher than the 2015 level. In 2017, demand for OPEC crude is projected at 32.2 mb/d, around 0.6 mb/d higher than the 2016 level.
Source: OPEC
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Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
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Showing 16 to 20 news of total 6846 |
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- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
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